By: Michael Ahinsah
The Ghana Union of Traders’ Association has expressed excitement over Governments efforts in stabilizing the cedi.
On Friday 9th December, 2023 Bloomberg reported that the Cedi is the world’s best performer against the US Dollar compared to some 150 currencies monitored by Bloomberg.
According to the report, “The cedi has rallied 10 percent in the past five days, the biggest advance among about 150 currencies tracked by Bloomberg. That’s a turnaround for an exchange rate that had lost half of its value this year and occupied the bottom slot in the charts”.
In view of this, the Ghana Union of Traders Association have commended the government and the Bank of Ghana for their efforts in stabilizing the Cedi.
A Press Release signed by the President of GUTA, Dr. Joseph Obeng, stated that, “The Ghana Union of Traders’ Association wishes to appreciate the efforts being made by the government and the Bank of Ghana to stabilize the Cedi. We urge government to continue with more efforts to sustain the programme and bring relief to the business community”.
Speaking on the Uniiq Breakfast Drive, Dr. Joseph Obeng indicated that as long as Government intensifies its efforts in stabilizing the cedi, association will also respond in good faith explaining that forex is a key component in pricing the goods in the market.
“The forex is a key component of our pricing because the same is what is used for the duty calculation and buying the goods. That is why we even close our shops because our Capitals are dwindling”
He further urged government to sustain its effort in making sure that the cedi continues to perform excellently against the dollar as GUTA is ready to make sure consumers also enjoy the benefits.